IEA expects $ 380 billion in solar investment in 2023
Post date: 26/05/2023 - 16:15
The International Energy Agency (IEA) has released a report on global investment in the energy sector (World Energy Investment 2023). The organization expects total investment of $ 2.8 trillion this year, with still more than a third – $1 trillion – in coal, gas and oil. Overall, however, »affordability and security concerns« have led to fossil fuels being significantly outpaced by »clean« ones, which for the IEA include nuclear power. Of the $ 1.7 trillion in investment in renewables, electric vehicles, nuclear power, grids, storage, low-emissions fuels, efficiency improvements and heat pumps, the largest item, about $ 380 billion, will go to solar, according to the forecast. This is also the first time that solar energy is attracting more investment than the global oil industry.
According to the IEA analysis, investment in »clean« energies will increase by 24 percent this year, compared with 15 percent for fossil energies. The latter are thus more than double what they are expected to be in 2030 according to the IEA's »Net Zero Emissions by 2050 Scenario.« In the coal sector in particular, investments are expected to be six times as high. Global coal consumption reached an all-time high in 2022.